There are precious few studies of markets in practice – the day-to-day details of how buyers and sellers accomplish a transaction and manage their risks and opportunities. This is a great shame for both researchers and market participants, but also understandable. Gaining access to a market can be a serious challenge, both in terms of being accepted into what is often a closed community known to only a few, and in terms of becoming literate in the complex details of the products, industry, and the way deals are done.
Even more difficult is the effort to compare and contrast across a whole range of different markets in order to uncover unappreciated commonalities or to identify key distinguishing characteristics. And rarer still is the ability to observe markets at their birth, studying their emergence and learning from the successes and failures. Remarkably, we have been provided with just such an opportunity in the attempts in the late 1990’s to build hundreds of new
wholesale business markets online.